2 years ago

If the simple interest on $3,000 for 4 years is $960, then what is the interest rate?

Mathematics

1 answer:

Nina [5.8K]2 years ago

8 0

Answer:

Step-by-step explanation:

R = 100 x I/P x t

Given

Interest I = $960

Principal P = $3000

Time t = 4 yrs

Rate R = ?

R = 100 x 960 /3000 x 4

Multiply through

R = 96000/12000

R = 8

R = 8%

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If the simple interest on ​$3,000 for 4 years is ​$960​, then what is the interest​ rate?

If the simple interest on $3,000 for 4 years is $960, then what is the interest rate?